APFC Private Equity Direct Investments June 30, 2017 Investment Base Currency Vintage Year Total Investment AC Holdco USD 2015 3,000,000 Banca FarmaFactoring S.p.a USD 2015 21,024,450 BSCH Parallel (REM) USD 2013 29,313,442 Codiak Biosciences USD 2016 10,193,239 Denali Therapeutics USD 2015 98,278,215 Dyal Earl Co Investment Partners USD 2015 62,534,897 Dyal Zeus Co Investment USD 2017 20,477,083 Healthsun Healthplans USD 2016 20,000,000 HV Charlotte Holding USD 2012 68,000,000 Indigo Agriculture USD 2016 38,190,000 Juno Therapeutics USD 2013 128,920,610 Lightspeed SPV USD 2017 25,000,000 Ministry Brands USD 2016 8,000,000 Onex Yoda Co Investment USD 2014 5,000,000 PEP VII Polaris Co Investment USD 2016 30,136,370 Premia Re USD 2016 72,500,000 Riverstone Energy Limited USD 2013 424,096,780 Senvion Wind Energy Solutions Ltd USD 2015 75,423,833 Thoma Bravo Copper Co Investment USD 2014 5,000,000 US LBM Holdings USD 2015 20,000,000 Varo Energy B.V. USD 2013 45,483,035 Vista Holdings Group USD 2015 148,827,986 Total Investment: $ 1,391,431,135 Cummulative Distributions: $ 781,072,703 Remaining Fair Market Value: $ 2,084,693,112 Source Data: Pathway Capital Management & The Burgiss Group, June 30, 2017 All figures stated in USD
APFC Private Equity Fund Commitments June 30, 2017 Investment Currency Vintage Year Commitment Actera Partners II USD 2012 5,000,000 Advantech Capital LP USD 2016 10,300,000 Advent International GPE VII B, L.P. USD 2012 60,000,000 Advent International GPE VIII USD 2016 60,000,000 Advent Latin America V E USD 2009 5,000,000 Advent Latin American VI G LP USD 2014 15,000,000 Alchemy Special Opportunities Fund III LP GBP 2014 18,408,905 Altitude Life Science Ventures FundF II USD 2015 50,000,000 Altitude Life Science Ventures Fund II Overage LP USD 2015 50,000,000 American Industrial Partners Capital Fund VI LP USD 2015 10,000,000 Apollo Credit Opportunities Fund III LP USD 2014 150,000,000 Arch Venture Fund VIII, LP USD 2014 101,283,756 Arch Venture Fund VIII Overage LP USD 2015 100,000,000 Arch Venture Fund IX LP USD 2016 50,000,000 Arch Ventures Fund IX Overage LP USD 2016 50,000,000 Archer Capital Fund V, LP AUD 2011 10,875,454 Austin Ventures X, L.P. USD 2008 14,500,000 Avenue Special Situations Fund V, L.P. USD 2007 30,000,000 Bain Capital Asia Fund II, LP USD 2011 20,000,000 Bain Capital Asia Fund III LP USD 2016 20,000,000 Bain Capital Fund IX, L.P. USD 2006 27,000,000 Bain Capital Fund IX Coinvestment Fund, L.P. USD 2006 13,000,000 Bain Capital Fund X, L.P. USD 2007 33,000,000 Bain Capital Fund X Coinvestment Fund, LP USD 2007 4,760,000 Bain Capital Venture Fund 2009 USD 2009 20,000,000 Bain Capital Venture Fund 2012, L.P. USD 2012 12,000,000 Battery Ventures X LP USD 2013 25,000,000 Battery Ventures X Side Fund LP USD 2013 11,000,000 Battery Ventures XI LP USD 2016 25,000,000 Battery Ventures XI Side Fund LP USD 2016 11,100,000 BC European Capital IX EUR 2010 51,507,218 Berkshire Fund VIII, L.P. USD 2011 18,500,000 Berkshire Fund IX LP USD 2016 34,300,000 BlackRock Private Opportunities Fund III LP USD 2014 100,000,000 Blackstone Capital Partners VI, LP USD 2008 72,000,000 Blackstone Capital Partners VII LP USD 2016 25,000,000 Blackstone Strategic Capital Holdings LP USD 2014 500,000,000 Boyu Capital Fund II LP USD 2013 18,600,000 Canaan VII, L.P. USD 2005 6,000,000 Canaan VIII, L.P. USD 2007 20,500,000
Canaan IX, L.P. USD 2011 27,500,000 Canaan X LP USD 2015 32,500,000 Candover 2008 Fund EUR 2008 6,675,960 Capitalworks Private Equity Fund II L.P. USD 2013 10,000,000 Carlyle Partners VI, L.P. USD 2013 30,000,000 Carlyle International Energy Partners LP USD 2013 200,000,000 Catalyst Investors III, L.P. USD 2011 20,000,000 Catalyst Investors IV LP USD 2015 45,000,000 Centerbridge Capital Partners, L.P. USD 2006 34,090,909 Centerbridge Capital Partners II, L.P. USD 2010 60,000,000 Centerbridge Capital Partners III LP USD 2015 105,000,000 Centerbridge Special Credit Partners, L.P. USD 2009 40,000,000 Centerbridge Special Credit Partners II, LP USD 2012 20,000,000 Centerbridge Special Credit Partners III LP USD 2016 24,000,000 Centerbridge Special Credit Partners III Flex LP USD 2017 56,000,000 Champ Ventures 7 AUD 2010 17,030,251 Charlesbank Equity Fund VIII LP USD 2014 10,000,000 Chequers Capital XV, L.P. EUR 2006 22,922,542 Chequers Capital XVI F.C.P.R. EUR 2011 30,250,262 Chequers Capital XVII, L.P. EUR 2017 25,162,625 CL Advisory Invest A (Crestline AK) USD 2015 100,000,000 CL Advisory Invest B (Crestline AK) USD 2015 100,000,000 Clearlake Capital Partners IV LP USD 2015 25,000,000 Clearlake Opportunities Partners (E) LP USD 2015 25,000,000 Court Square Capital Partners III, L.P. USD 2012 30,000,000 CVC Capital Partners VI LP EUR 2013 55,401,983 CVC Capital Partners VII LP EUR 2017 43,130,000 CVC European Equity Partners IV, L.P. EUR 2005 31,952,084 CVC European Equity Partners Tandem Fund, L.P. EUR 2007 15,118,393 CVC European Equity Partners V (B) LP EUR 2008 29,794,230 DCM Ventures China Fund (DCM VII) LP USD 2013 22,000,000 DCM VI, LP. USD 2008 20,000,000 Domain Partners VIII, L.P. USD 2009 15,000,000 Dyal III Commingled (US Investors LP) USD 2015 250,000,000 EnCap Energy Capital Fund VIII, L.P USD 2010 30,000,000 EnCap Energy Capital Fund VIII Co Investors, L.P. USD 2011 10,011,201 EnCap Energy Capital Fund IX, L.P. USD 2012 30,000,000 EnCap Energy Capital Fund X, L.P. USD 2015 35,000,000 EnCap Energy Capital Fund XI, L.P. USD 2017 50,000,000 EnCap Flatrock Midstream Fund III LP USD 2014 12,500,000 Exponent Private Equity Partners, L.P. GBP 2004 20,940,507 Exponent Private Equity Partners II, L.P. GBP 2007 25,416,394 First Reserve Fund XI, L.P. USD 2006 40,000,000 First Reserve Fund XII, L.P. USD 2008 40,000,000
Fortissimo Capital Fund IV (B) LP USD 2015 14,500,000 Genstar Capital Partners V USD 2007 30,000,000 Genstar Capital Partners VII LP USD 2015 23,000,000 Genstar Capital Partners VIII, LP USD 2017 25,000,000 Glendon Opportunities Fund LP USD 2014 45,000,000 Glendon Opportunities Fund II LP USD 2017 55,000,000 Green Equity Investors VII LP USD 2016 50,000,000 GTCR Fund IX, L.P. USD 2006 40,000,000 GTCR Fund X, L.P. USD 2010 65,000,000 GTCR Fund XI USD 2013 90,000,000 H.I.G. Middle Market LBO Fund II LP USD 2014 10,000,000 Harvest Partners VII LP USD 2015 35,000,000 Helios Investors II, L.P. USD 2010 5,000,000 Hellman & Friedman Capital Partners VI, L.P. USD 2006 40,000,000 Hellman & Friedman Capital Partners VII, L.P. USD 2009 80,000,000 Hellman & Friedman Capital Partners VIII LP USD 2015 110,000,000 Highland Capital Partners VIII USD 2009 15,000,000 HitecVision VI, L.P. USD 2011 20,000,000 HitecVision VII LP USD 2014 20,000,000 HV Holtzbrinck Ventures Co Investment Fund I EUR 2016 21,111,674 HV Holtzbrinck Ventures Fund V GmbH & Co. EUR 2012 21,439,339 HV Holtzbrinck Ventures Fund VI SCS EUR 2015 24,655,067 IK Investment Partners VII, LP EUR 2012 17,830,459 Incline Aviation USD 2017 20,000,000 Incline Equity Partners IV LP USD 2017 11,100,000 Index Venture Growth II, L.P. EUR 2011 12,831,786 Index Ventures Growth III LP EUR 2015 21,937,365 Index Ventures VI, LP EUR 2012 14,009,368 Index Ventures VII, LP EUR 2014 15,035,302 Index Ventures VIII LP USD 2016 18,000,000 Industrial Growth Partners IV LP USD 2011 20,000,000 Industrial Growth Partners V LP USD 2016 21,968,571 Insight Venture Partners Coinvestment Fund II, L.P. USD 2010 15,000,000 Insight Venture Partners Coinvestment III LP USD 2014 25,600,000 Insight Venture Partners V Co Investment Fund USD 2005 5,064,190 Insight Venture Partners V, L.P. USD 2005 6,000,000 Insight Venture Partners VI, L.P. USD 2007 15,700,000 Insight Venture Partners VII, L.P. USD 2011 41,400,000 Insight Venture Partners VIII, L.P. USD 2013 65,000,000 Insight Venture Partners IX LP USD 2014 35,000,000 Insight Venture Partners X, L.P. USD 2017 25,000,000 Institutional Venture Partners XIII, L.P. USD 2010 15,000,000 Institutional Venture Partners XIV, L.P. USD 2012 23,500,000 Institutional Venture Partners XV LP USD 2015 48,600,000
Intersouth Partners VII, L.P. USD 2006 6,700,000 Investindustrial V, L.P. EUR 2011 17,933,342 JMI Equity Fund V, L.P. USD 2005 10,100,000 JMI Equity Fund VI, L.P. USD 2007 22,700,000 JMI Equity Fund VII, L.P. USD 2011 30,000,000 JMI Equity Fund VIII LP USD 2015 37,250,000 JVP Opportunity Fund, L.P. USD 2011 5,000,000 Kelso Investment Associates VIII, L.P. USD 2007 35,000,000 Kelso Investment Associates IX LP USD 2015 125,000,000 KKR Asian Fund II, L.P. USD 2012 17,300,000 KKR China Growth Fund L.P. USD 2010 18,000,000 KPS Special Situations Fund IV, L.P. USD 2013 12,750,000 KRG Capital Partners Fund IV, L.P. USD 2009 10,915,200 KV Asia Capital I L.P. USD 2012 10,000,000 L Catterton Buyout VIII LP USD 2016 50,000,000 L Catterton Growth III LP USD 2016 30,000,000 L Catterton Latin America II LP USD 2017 20,000,000 Lightspeed Venture Partners Select LP USD 2014 4,500,000 Lightspeed Venture Partners Select II LP USD 2016 9,500,000 Lightspeed Venture Partners IX, LP USD 2011 10,000,000 Lightspeed Venture Partners X LP USD 2014 18,000,000 Lightspeed Venture Partners XI LP USD 2016 15,000,000 Linzor Capital Partners II, L.P. USD 2011 5,000,000 M/C Venture Partners VI, L.P. USD 2006 15,000,000 Madison Dearborn Capital Partners VI, L.P. USD 2008 40,000,000 Marlin Equity IV, L.P. USD 2013 32,000,000 Marlin Equity V, L.P. USD 2017 105,000,000 Marlin Heritage Europe Partners LP EUR 2016 61,175,500 Marlin Heritage LP USD 2014 18,100,000 Marlin Heritage II, L.P. USD 2017 55,000,000 Mayfield Select USD 2016 1,000,000 Mayfield XIV, LP USD 2012 4,750,000 Mayfield XV USD 2016 7,000,000 Menlo Ventures X, L.P. USD 2006 30,000,000 Montagu III, L.P. EUR 2005 21,297,668 Montagu IV LP EUR 2011 27,577,214 Nautic Partners VIII LP USD 2016 12,400,000 New Enterprise Associates 13, L.P. USD 2009 50,000,000 New Enterprise Associates 14, L.P. USD 2012 25,000,000 New Enterprise Associates 15, L.P. USD 2015 25,000,000 New Enterprise Associates 16, L.P. USD 2017 25,000,000 NG Capital Partners II, LP USD 2013 6,785,000 NGP Agribusiness Follow On Fund LP USD 2014 25,000,000 NGP Natural Resources XI LP USD 2014 250,000,000
Nordic Capital VI, L.P. EUR 2006 29,615,168 Nordic Capital VII, L.P. EUR 2007 36,935,121 Nordic Capital VIII, L.P. EUR 2013 25,051,889 Nordic Capital IX, L.P. EUR 2017 41,960,000 North Bridge Growth Equity II LP USD 2013 22,000,000 NorthEdge Capital Fund I, L.P. GBP 2012 21,454,848 NorthEdge Capital Fund II LP GBP 2016 25,779,857 Oak Investment Partners XI, L.P. USD 2004 12,500,000 Oak Investment Partners XII, L.P. USD 2006 28,300,000 Oak Investment Partners XIII, L.P. USD 2009 50,000,000 Oaktree Capital Opportunities Fund IX, LP USD 2012 20,000,000 Oaktree Emerging Market Opportunities Fund LP USD 2014 25,000,000 Oaktree Opportunities Fund Xb LP USD 2017 50,000,000 OCM Opportunities Fund IV, L.P. USD 2007 15,000,000 OCM Opportunities Fund VIIb, L.P. USD 2007 20,000,000 Odyssey Investment Partners IV, L.P. USD 2009 40,000,000 Odyssey Investment Partners V LP USD 2014 50,000,000 ONCAP IV LP USD 2016 27,300,000 Onex Partners II USD 2006 35,000,000 Onex Partners III USD 2008 45,000,000 Onex Partners IV LP USD 2014 40,000,000 Orchid Asia V, L.P. USD 2011 20,000,000 Pamlico Capital III, L.P. USD 2013 35,000,000 Permira Europe IV, L.P. EUR 2006 27,179,328 Permira V, L.P. EUR 2013 35,915,251 Permira VI LP EUR 2016 93,872,750 Quad C Partners VII Co Investment Fund, L.P. USD 2007 5,900,000 Quad C Partners VII, L.P. USD 2006 19,100,000 Quad C Partners VIII, L.P. USD 2011 30,000,000 Quad C Partners IX LP USD 2017 70,000,000 Quadriga Capital Private Equity Fund IV L.P. EUR 2011 12,575,754 Quantum Energy Partners V, L.P. USD 2008 35,000,000 Quantum Energy Partners VI, L.P. USD 2014 25,000,000 Quantum Energy Partners VII, L.P. USD 2017 21,000,000 Quantum Energy Partners VII Co Investment Fund L.P. USD 2017 5,000,000 Quantum Parallel Partners VI Co Investment Fund L.P. USD 2015 15,550,000 Quantum PP V C LP USD 2014 10,800,000 Redview Capital LP USD 2016 10,300,000 Ridgemont Equity Partners II LP USD 2015 78,100,000 Sentinel Capital Partners IV, L.P. USD 2008 11,000,000 Sentinel Capital Partners V LP USD 2014 20,250,000 Silver Lake Partners IV, L.P. USD 2012 25,000,000 Southvest Fund V, L.P. USD 2005 10,000,000 Southvest Fund VI USD 2009 18,100,000
Southvest Fund VII LP USD 2016 32,800,000 Spark Capital IV, LP USD 2013 13,000,000 Spectrum Equity Investors V, L.P. USD 2005 20,000,000 Spectrum Equity Investors VI, L.P. USD 2008 40,000,000 Spectrum Equity VII LP USD 2014 40,000,000 Sterling Investment Partners III LP USD 2013 35,000,000 Summit Highland Acquisition LLC USD 2016 20,000,000 Summit Partners Growth Equity Fund VIII A, L.P. USD 2010 54,500,000 Summit Partners Growth Equity Fund IX LP USD 2016 30,000,000 Summit Partners Venture Capital Fund III A, L.P. USD 2010 5,500,000 Summit Partners Venture Capital Fund IV A LP USD 2016 14,400,000 TA Atlantic & Pacific VII L.P. USD 2012 30,000,000 TA X, L.P. USD 2006 6,300,000 TA XI, L.P. USD 2009 70,000,000 TA XII A LP USD 2015 75,000,000 TCV VI, L.P. USD 2006 26,000,000 TCV VII, L.P. USD 2008 50,000,000 TCV VIII, L.P. USD 2013 30,000,000 TCV IX LP USD 2016 65,000,000 TDR Capital III EUR 2013 28,349,055 The Resolute Fund II, L.P. USD 2007 40,000,000 The Resolute Fund III LP USD 2013 38,300,000 Third Rock Ventures II, L.P. USD 2010 25,000,000 Thoma Bravo Fund X, LP USD 2011 32,250,000 Thoma Bravo Fund XI LP USD 2014 85,700,000 Thoma Bravo Fund XII LP USD 2016 40,000,000 Thoma Bravo Special Opportunities Fund I LP USD 2013 20,800,000 TowerBrook Investors IV, LP USD 2012 45,400,000 TPG Partners V, L.P. USD 2006 30,000,000 TPG Partners VI, L.P. USD 2008 35,000,000 Trident Capital Fund VII, L.P. USD 2010 15,000,000 Trident V, L.P. USD 2009 25,000,000 Trident VI LP USD 2014 33,500,000 Trident VII LP USD 2017 85,000,000 Vestar Capital Partners V, L.P. USD 2005 35,000,000 Vestar Capital Partners VI, L.P. USD 2010 25,000,000 Victoria South American Partners II USD 2011 5,000,000 Vista Equity Partners Fund IV, L.P. USD 2011 20,000,000 Vista Equity Partners Fund V, L.P. USD 2014 40,000,000 Vista Equity Partners VI LP USD 2016 45,000,000 Vista Equity Endeavor Fund I, L.P. USD 2017 40,000,000 Vista Foundation Fund II, L.P. USD 2013 22,000,000 Vista Foundation Fund III LP USD 2016 50,000,000 Warburg Pincus Private Equity XI LP USD 2013 35,000,000
Warburg Pincus Private Equity XII LP USD 2016 22,000,000 Wayzata Opportunities Fund II USD 2007 32,984,000 Wayzata Opportunities Fund III, L.P. USD 2012 20,000,000 Wayzata Opportunities Fund, LLC USD 2005 20,000,000 Wellspring Capital Partners V, L.P. USD 2010 15,000,000 Westview Capital Partners III L.P. USD 2013 15,250,000 Whitehorse Liquidity Partners I LP USD 2016 100,000,000 Wicks Capital Partners IV, L.P. USD 2011 20,000,000 Wind Point Partners VII A, L.P. USD 2008 40,000,000 Wynnchurch Capital Partners IV LP USD 2015 8,300,000 Total Commitments: $ 9,440,784,815 Cummulative Contributions: $ 5,725,948,636 Cummulative Distributions: $ 3,433,751,420 Remaining Fair Market Value: $ 5,089,650,994 Source Data: Pathway Capital Management & The Burgiss Group, June 30, 2017 All figures stated in USD